(A) The county is empowered by statute to invest in the following types of securities and investments.
(B) These are outlined below in S.C. Code §§ 6-5-10 and 12-45-220:
(1) S.C. Code § 6-5-10, authorized investments by political subdivisions:
(a) The governing body of any municipality, county, school district or other local government unit or political subdivision and county treasurers may invest money subject to their control and jurisdiction in:
1. Obligations of the United States and agencies thereof;
2. General obligations of the state or any of its political units;
3. Savings and loan associations to the extent that the same are insured by an agency of the federal government;
4. Certificates of deposit where the certificates are collaterally secured by securities of the type described in divisions (1)(a)1. and 2. above, held by a third party as escrow agent or custodian, of a market value not less than the amount of the certificates of deposits so secured, including interest; (The collateral shall not be required to the extent the same are insured by an agency of the federal government.)
5. Repurchase agreements when collateralized by securities as set forth in this section; and
6. No load open-end or closed-end management-type investment companies or investment trusts registered under the Investment Company Act of 1940, as amended, where the investment is made by a bank or trust company or savings and loan association or other financial institution when acting as trustee or agent for a bond or other debt issue of that local government unit, political subdivision or county treasurer if the particular portfolio of the investment company or investment trust in which the investment is made is limited to obligations described in divisions (a)1., 2., and 5. of this section, and has among its objectives the attempt to maintain a constant net asset value of $1 a share and to that end, value its assets by the amortized cost method.
(b) The provisions of this subchapter shall not impair the power of a municipality, county, school district or other local governmental unit or political subdivision or county treasurer to hold funds in deposit accounts with banking institutions as otherwise authorized by law.
(c) The investments shall have maturities consistent with the time or times when the invested monies will be needed in cash.
(2) S.C. Code § 12-45-220, investments by county treasurers.
(a) The county treasurer may invest or reinvest any sum of money not necessary for current expenses in:
1. Obligations of the United States and its agencies;
2. General obligations of this state or any of its political subdivisions;
3. Savings and loan associations, if their deposits are insured by an agency of the federal government;
4. Certificates of deposit where the certificates are collaterally secured by securities of the type described in items divisions (2)(a)1. and 2. of this section held by the third party as escrow agent or custodian, of a market value not less than the amount of the certificates of deposit so secured, including interest, but the collateral is not required to the extent the certificates of deposit are insured by an agency of the federal government; or
5. No load open-end or closed-end management-type investment companies or investment trusts registered under the Investment Company Act of 1940, as amended, where the investment is made by a bank or trust company or savings and loan association or other financial institution when acting as trustee or agent for a bond or other debt issue of that county treasurer, if the particular portfolio of the investment company or investment trust in which the investment is limited to obligations described in divisions (2)(a)1. and 2. above, and have among its objectives the attempt to maintain a constant net asset value of $1 a share and to that end, value its assets by the amortized cost method. The portfolio may also consist of repurchase agreements when collateralized by obligations described in divisions (2)(a)1. and 2.
(b) The County Council may delegate the investment authority provided above to the County Treasurer who shall assume full responsibility for the investment transactions until the delegation of authority terminates or is revoked.
(c) The State Treasurer may assist local governments in investing funds that are temporarily in excess of operating needs.
(d) All interest and other earnings, when collected, must be added to the fund and paid out as other funds of the same sort are paid.
(‘77 Code, § 8-90) (Ord. 1592, passed 3-16-92)